The government's main concern is clearly the value of the market dollar; the informal, the MEP and BCS. Beyond the monetary illusion that invades society and that makes possible headlines such as "...
Debt Repurchase With an FX Goal
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Debt Repurchase With an FX Goal
Third week
January 2023
The government announced last week that it would buy back USD 1 billion of dollar-denominated sovereign debt, potentially reducing the stock by about 3 billion given prevailing market prices. The measure was "sold" as a yield curve improvement, but that appears to be a questionable objective in the current circumstances. In our opinion, the true objective is the (market) exchange rate.
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